Mambu Chooses NetGuardians as Partner for Financial Fraud Mitigationby Fintech News Singapore May 27, 2020
Swiss FinTech NetGuardians, best known for its AI risk platform that combats banking fraud, today announced a new partnership with banking platform Mambu.
The new partnership focuses on digital payment fraud, meaning that NetGuardians’ fraud-mitigation software will be available to Mambu’s customers for seamless integration into the core banking platform. Mambu said it currently has more than 160 customers, including some of the likes of ZestMoney, The Wallet Engine and Nimble.
According to recent research, the global digital payments sector is seeing an annual compound growth rate of 13.7 percent and will be worth $8.7 trillion within five years. Digital payments are completed fast – usually within less than a second – providing banks with a limited window in which to check their validity and stop the fraudulent ones. As a result, there has been a massive growth in digital payment fraud. Social engineering attacks and scams accelerate this trend even further resulting in a global loss of $26 billion.
Ben Goldin, CTO/CPO of Mambu, says:
“Our business model is to partner with the best FinTechs in the world to allow our customers to compose exactly the IT infrastructure they need to fulfill their business goals. NetGuardians’ fraud-mitigation software is a first-class solution that will plug-and-play with the Mambu core banking platform to address one of our customers’ biggest problems – combating payment fraud and keeping their customers’ money safe.”
Joël Winteregg, CEO of NetGuardians, says:
“Mambu works with some of the most sophisticated digital banks in the world. These banks will now be able to use NetGuardians’ software to monitor in real time all the transactions across their business and stop any that are suspicious. As digital payments continue to grow, our software will scale accordingly, maintaining the best levels of protection for the banks and their customers.”